The microfluidics market is projected to grow at a CAGR of 22.9%
NEW YORK, May 28, 2020 /PRNewswire/ -- The microfluidics market is projected to grow at a CAGR of 22.9%.
The global microfluidics market size is projected to reach USD 44.0 billion by 2025 from USD 15.7 billion in 2020, at a CAGR of 22.9% during the forecast period. The ability of the microfluidics technology to replicate all the functions of its traditional counterparts in various healthcare applications, such as drug delivery, point-of-care (POC) diagnostics, and clinical diagnostics, is resulting in its wider adoption across the globe. In addition to this, technological advancements, increasing focus on data precision & accuracy, fast returns on investment, and faster testing & improved portability through microfluidic chip miniaturization are driving growth of the microfluidics industry.
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In 2019, in-vitro diagnostics accounted for the largest share of the market.
Based on the application, the in-vitro diagnostics segment accounted for the largest share of the microfluidics market in 2019. The large share of this segment can be attributed to the increasing integration of microfluidics with laboratory analytical instruments, growing need for portable diagnostic equipment, and increasing demand for point-of-care testing.
In 2019, the hospitals & diagnostic centers segment accounted for the largest share of the market.
Based on end-users, the hospitals & diagnostic centers segment accounted for the largest share of the microfluidics market in 2019. The large share of this segment is attributed to the increasing use of microfluidic-based diagnostic devices, increasing adoption of microfluidics for the rapid diagnosis of various chronic diseases, technological advancements, and the inherent advantages of microfluidics
APAC is projected to witness the highest growth during the forecast period.
The APAC microfluidics market is estimated to register the highest CAGR during the forecast period. Factors such as the growing geriatric population, growing per capita income, increasing investments in the healthcare industry, rising demand for advanced technologies, and the expansion of private-sector hospitals to rural areas in various countries in the region.
The breakdown of primary participants was as mentioned below:
• By Company Type: Tier 1â€"53%, Tier 2â€"26%, and Tier 3â€"21%
• By Designation: C-levelâ€"42%, Director Levelâ€"26%, and Othersâ€"32%
• By Region: North Americaâ€"26%, Europeâ€"35%, Asia Pacificâ€"20%, Latin Americaâ€"11%, Middle East & Africaâ€"8%
The global microfluidics market is highly competitive, with a large number of global and local market players competing for higher market shares. Danaher Corporation (US), Thermo Fisher Scientific (US), PerkinElmer Inc. (US), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), F. Hoffmann-La Roche (Switzerland), Illumina, Inc. (US), Fluidigm Microfluidics (US), Abbott Laboratories (US), and QIAGEN (Netherlands) are some of the prominent players in the microfluidic-based devices market.
The prominent players in the global microfluidic components market include Parker-Hannifin Corporation (US), Fluigent SA (France), Idex Corporation (US), Camozzi Automation Spa Società Unipersonale (Italy), Gems Sensors and Control (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Microfluidic ChipShop (Germany), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).
Research Coverage:
The report analyzes the various infusion pump devices and their adoption patterns.It aims at estimating the market size and future growth potential of the microfluidics market for different segments such as product, application, end user, and region.
The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the microfluidics industry
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the microfluidics market
• Market Development: Comprehensive information on the lucrative emerging regions by product, application, end user, and region
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the microfluidics industry
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the microfluidics market
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